Cardiff-based semiconductor manufacturer IQE is expecting to hit its revenue targets for the first half of the year.
The AIM-listed chip firm said in an unaudited pre-close trading update for the first half of 2023 that it expected revenue would be at least £52m, in line with market guidance.
IQE is a supplier of compound semiconductor wafer products and advanced material solutions for the global microchip industry.
The firm, which has manufacturing sites in the UK, US and Taiwan, provides semiconductors for consumer, communication, computing and industrial applications.
“The group is continuing to effectively navigate the challenging macroeconomic environment, by managing costs and implementing its diversification strategy,” said the company statement.
The full financial report is expected to be published on 8 September 2023.
The results for the firm represent a positive sign for the UK semiconductor industry, which has faced an extended period of uncertainty.
The Covid-19 pandemic brought on a chip shortage that presented a major challenge for semiconductor companies to handle the demand.
While the shortage has eased up, it highlighted the need for nations to be able to secure a reliable supply of the technology.
The UK government unveiled a £1bn semiconductor strategy in May that promised to invest heavily into improving infrastructure, research and development within the sector.
The government also failed in its attempts to convince Arm, one of the country’s most successful semiconductor companies, to IPO in London. The Cambridge-based firm’s Japanese owners instead decided on a New York listing.